THIRD PARTY (TP) MOTOR INSURANCE

Third party cover: 

• A motor policy has two main components—third-party liability and own damage (OD). 
  
  
• In India, it is mandatory for all registered vehicles to have third-party cover, which covers liabilities arising from damage caused to a third party. It does not cover damage to the vehicle or its owner. 
  
  

P.J. Joseph committee: 

• Mandate: In 2018, IRDAI constituted a committee to examine motor third party insurance pricing aspects and make recommendations on the premium rates for 2019-20. 
  
  
• Chairman: J. Joseph (IRDAI Member - Non Life).